Recent Thinking

Our relative US stance is a reflection of our bottom-up valuation process. After years of outperformance by shares of US companies, we are finding more attractively valued, high-quality, growing companies outside the US than within it.

Our sector exposures—and our underweights and overweights relative to the index—are the result of our bottom-up analysis of individual companies and their competitive advantages within their industries, as well as valuation considerations.

When supported by pro-growth public policies and political stability, emerging and frontier economies are capable of rapid expansion; the rise of China is the most salient example of this phenomenon. Investing in this growth, however, requires fortitude.

Changes in China’s regulatory landscape are to be expected as part of its continued development. When new diktats arrive, we look past the initial market reaction, to try to understand their impact on the long-term growth prospects of companies.

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